Residential Market Update:
Orlando Metro
Brad O’Connor, Ph.D.
Chief Economist
Monday, October 30, 2023
Orlando Regional REALTOR
®
Association Town Hall
0%
1%
2%
3%
4%
5%
6%
7%
8%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
30-Year Fixed Mortgage Interest Rate
U.S., Monthly Averages, Jan. 2012 – Sep. 2023
Produced by Florida Realtors
®
Research with data provided by Freddie Mac
$0
$100,000
$200,000
$300,000
$400,000
$500,000
1993 1996 1999 2002 2005 2008 2011 2014 2017 2020 2023
Median Sale
Price
$0
$500
$1,000
$1,500
$2,000
$2,500
1993 1996 1999 2002 2005 2008 2011 2014 2017 2020 2023
Est. Monthly
P&I Payment
Median Sale Price and Est. Monthly Mortgage P&I Payment
Florida Single-Family Homes, CPI-Adjusted Values (2023 USD), Jan. 1993-Sep. 2023
Produced by Florida Realtors
®
Research with data provided by Florida’s multiple listing services, Freddie Mac, and the US Bureau of Labor Statistics
Closed Sales
Orlando Metro (Orange, Seminole, Osceola and Lake Counties), 2018 - 2023
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®
Research with data provided by Florida’s multiple listing services
Closed Sales
Orlando Metro, 2018 - 2023
Produced by Florida Realtors
®
Research with data provided by Florida’s multiple listing services
Closed Sales
Orlando Metro, 2018 - 2023
Produced by Florida Realtors
®
Research with data provided by Florida’s multiple listing services
Closed Sales
Orlando Metro, 2018 - 2023
Produced by Florida Realtors
®
Research with data provided by Florida’s multiple listing services
Closed Sales
Orlando Metro, 2018 - 2023
Produced by Florida Realtors
®
Research with data provided by Florida’s multiple listing services
Closed Sales
Orlando Metro, 2018 - 2023
Produced by Florida Realtors
®
Research with data provided by Florida’s multiple listing services
Closed Sales
Orlando Metro, 2018 - 2023
Produced by Florida Realtors
®
Research with data provided by Florida’s multiple listing services
Closed Sales
Orlando Metro, 2018 - 2023
Produced by Florida Realtors
®
Research with data provided by Florida’s multiple listing services
Closed Sales
Orlando Metro, 2018 - 2023
Produced by Florida Realtors
®
Research with data provided by Florida’s multiple listing services
What’s Still Bolstering Homebuyer Demand?
• Millennials still forming households and seeking first homes
• Domestic in-migration slowing, but still quite high
• Florida still an ideal location for “untethered” remote workers
• …but return-to-work policies are on the rise in the US
• Retirees with existing home equity not as fazed by high rates
• Housing remains affordable and more spacious relative to the
Northeast and West Coast
• Solid job growth throughout the state
Florida Population Growth
Between July 1, 2021 and July 1, 2022:
• Florida’s population increased by an estimated 416,754 residents
• Second only to Texas’s increase of 470,708
• That’s about 1,142 net new residents per day
• It’s also a 1.91% increase—higher than any other state
• First time Florida has led the U.S. in this statistic since 1957!
• Overall, U.S. population only increased by 0.4%
Produced by Florida Realtors
®
Research with data provided by the U.S. Bureau of the Census
Metropolitan Statistical Area % Chg. Metropolitan Statistical Area % Chg.
1. The Villages, FL +7.5% 12. Orlando-Kissimmee-Sanford, FL +2.4%
2. Lakeland-Winter Haven, FL +4.3% 13. Sebring-Avon Park, FL +2.2%
3. Cape Coral-Fort Myers, FL +4.0% 14. Sebastian-Vero Beach, FL +2.2%
4. Punta Gorda, FL +4.0% 15. Jacksonville, FL +2.1%
5. North Port-Sarasota-Bradenton, FL +3.4% 16. Palm Bay-Melbourne-Titusville, FL +2.1%
6. Port St. Lucie, FL +3.2% 17. Crestview-Fort Walton Beach-Destin, FL +2.1%
7. Panama City, FL +3.1% 18. Tampa-St. Petersburg-Clearwater, FL +1.9%
8. Ocala, FL +2.9% 19. Gainesville, FL +1.2%
9. Homosassa Springs, FL +2.8% 20. Pensacola-Ferry Pass-Brent, FL +1.1%
10. Naples-Marco Island, FL +2.8% 21. Tallahassee, FL +0.7%
11. Deltona-Daytona Beach-Ormond Beach, FL +2.8% 22. Miami-Fort Lauderdale-Pompano Beach, FL +0.5%
Metropolitan Area Population Growth
Florida Metro Areas, Percent Change from July 1, 2021 to July 1, 2022
Produced by Florida Realtors
®
Research with data provided by the U.S. Bureau of the Census
Out-of-State Driver License Exchanges
Orlando Metro, Jan.-Sep. 2023
Produced by Florida Realtors
®
Research with data provided by the Florida Department of Highway Safety and Motor Vehicles
Out-of-State Driver License Exchanges
Orlando Metro, Jan.-Sep. 2023 vs. Jan.-Sep. 2022
Produced by Florida Realtors
®
Research with data provided by the Florida Department of Highway Safety and Motor Vehicles
Out-of-State Driver License Exchanges
Orlando Metro, Jan.-Sep. 2023 vs. Jan.-Sep. 2019
Produced by Florida Realtors
®
Research with data provided by the Florida Department of Highway Safety and Motor Vehicles
Employment Growth
Percent Change in Payroll Employment from Sep. 2019 to Sep. 2023
Produced by Florida Realtors
®
Research with data provided by the U.S. Bureau of Labor Statistics
Employment Growth
Percent Change in Payroll Employment from Sep. 2019 to Sep. 2023
Produced by Florida Realtors
®
Research with data provided by the U.S. Bureau of Labor Statistics
Employment Growth
Percent Change in Payroll Employment from Sep. 2019 to Sep. 2023
Produced by Florida Realtors
®
Research with data provided by the U.S. Bureau of Labor Statistics
Employment Growth
Percent Change in Payroll Employment from Sep. 2019 to Sep. 2023
Produced by Florida Realtors
®
Research with data provided by the U.S. Bureau of Labor Statistics
New Listings
Orlando Metro, 2018 - 2023
Produced by Florida Realtors
®
Research with data provided by Florida’s multiple listing services
New Listings
Orlando Metro, 2018 - 2023
Produced by Florida Realtors
®
Research with data provided by Florida’s multiple listing services
Active Listings
Orlando Metro, End-of-Month Inventory, Jan. 2008 - Sep. 2023
Produced by Florida Realtors
®
Research with data provided by Florida’s multiple listing services
Median Sale Price
Orlando Metro, Monthly, 2011-2023
Produced by Florida Realtors
®
Research with data provided by Florida’s multiple listing services
Dollar Volume of Closed Sales
Orlando Metro, 2018-2023
Produced by Florida Realtors
®
Research with data provided by Florida’s multiple listing services
Dollar Volume of Closed Sales
Orlando Metro, 2018-2023
Produced by Florida Realtors
®
Research with data provided by Florida’s multiple listing services
Dollar Volume of Closed Sales
Orlando Metro, 2018-2023
Produced by Florida Realtors
®
Research with data provided by Florida’s multiple listing services
Dollar Volume of Closed Sales
Orlando Metro, 2018-2023
Produced by Florida Realtors
®
Research with data provided by Florida’s multiple listing services
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